The amount of life insurance you can get from Colonial Penn for $9.95 a month depends on your age and gender. As mentioned earlier, you are buying a unit of insurance, not a death benefit amount. Maple Valley Insurance Group Rating of Colonial Penn 995 Life Insurance = D. Lifetime coverage. They must charge higher premiums and have a limited benefit period to offset their risk of loss. For decades, Colonial Penn has focused on selling life insurance to older customers, including a guaranteed issue whole life policy for people 50 and older. Either yes or no. Optionally, you can be more specific and use the instant quoting tool on this page. This could be devastating for your family if you buy the wrong policy. The Alex Trebek commercial for life insurance comes in at $9.95 per unit. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. Again, no questions ask and that seniors instantly qualify is a little misleading. Im sure you dont want your loved ones in a mountain of debt by getting caught in limitations of coverage. Do you assume you cannot qualify for a better policy because your health isnt ideal? Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). Make sure you have the right product ladies and gentleman. The 995 Colonial Penn Guaranteed Acceptance insurance plan does have some big surprises in it. However, there are also additional expenses baked into unit based pricing. Men are hit considerably harder than women because women tend to live longer. Youre certainly welcome to experiment with the instant quote tool on this page. Twenty years ago my licenses limited me to Michigan and Indiana, but that was pretty typical in the burial insurance business then. You must understand that life insurance companies cannot evaluate the risk level of a person accurately without asking health questions. The best life insurance companies have fewer than the expected number of complaints. To cover properly, Colonial Penn will disappoint you. Just because you are a senior does not mean that you are one of these candidates. Alex Trebek was a Canadian-born American game show host who had a net worth of $75 million at the time of his death. The value determined will be locked. No-exam policies dont require a medical exam. You could end up ripped off and/or underinsured. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. It does not buy very much life insurance protection, period. Take a break, see what our clients are saying about us, Or Call Lisa and danny 855-380-3300 where final expense insurance is done differently. During this time period, your loved ones would receive your premiums plus interest as the benefit amount if you pass away due to natural causes. It's important to remember that Colonial Penn offers units in the amount of 9.95 each. According to The Daily Mail, Trebek is worth around $50 million. When you compensate paid spokesman its hard to take them seriously. The older you are on the date of purchase, the less that $9.95 per month will buy in real financial protection for your loved ones. Alex Trebek has been the beloved host of the hit NBC game show, "Jeopardy!" The Canadian-born star has been hosting the show since 1984, making him one of the longest-running game show hosts in television history. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. Many of us heard the Alex Trebek life insurance commercial more than a few times over the years. Alex Trebek coverage is not a better policy than any other guaranteed acceptance policy from another company. There is a catch here with this 995 life insurance product. Every week we have people who think they cant qualify for the best benefits and lower premiums. If you want to leave a significant death benefit for your loved ones, $9.95 per month isnt going to help out very much. If your thinkingI didnt know that, read on. His work has appeared in The Week, The Washington Post and other national news outlets. With almost 3 decades of dedication to thousands of clients, I share my knowledge with you so that you can feel comfortable fulfilling your needs and goals. It was a huge Colonial Penn marketing expense. No-exam policies dont require a medical exam. I am a life insurance expert that specializes in final expense, critical illness, Medicare Supplements, and term/UL policies. There are many different whole life insurance policies and companies available. Sure Im bit biased myself because I have access to all the top burial insurance companies and plans out there. We welcome comments below. Folks, take the time and call a professional. According to average statistics, the annual salary for a game show host in the United States is about $32,196 a year, with a high of $86,780. The Colonial Penn guaranteed acceptance $995 plan has a two-year waiting period. Your acceptance: guaranteed. The 30 day money back guarantee, well that comes from the department of insurance in each state. He has been advocating Colonial Penn life insurance as the best plan and best policy for years now. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. AGE. They sell you what they are marketing. Originally, AARP co-founder Leonard Davis founded Colonial Penn, with AARP for a time working with Colonial Penn as its life insurance partner, offering coverage through Colonial Penn to AARP members. In short, Colonial Penn coverage is expensive and has a 2-year waiting period for most applicants. This is the highest risk the average elderly person faces. We recommend a goal of at least $15,000 to cover full funeral and burial costs for 2023. My average policy is closer to $15K in 2023 for funeral and burial costs. To evaluate a companys complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. There is no reason not to utilize a professional independent agent. Guaranteed coverage available to applicants up to age 85. The above quote was taken directly from colonialpenn.com in 2019. He also had nothing to do with paying death claims or handling customer service issues either. $10,000 is the minimum coverage amount. Andrew Marder is a lead writer for NerdWallet focusing on insurance and data analysis. Yes, the other 10-15% of seniors life insurance policy holders have some very serious medical issues which impair their ability to medically qualify for immediate benefit, no exam whole life insurance. Stay with me here. Colonial Penn sells units of coverage; the unit premium never changes, and they sell between one and eight units. This means that they may not be able to purchase a enough financial protection (death benefits) to ensure their goals are met. They jack those rates up for starters. Something I didnt address thoroughly was the use of the term rate lock promoted in all the commercials. The company's accelerated death benefit rider is also unusual. So if you purchase a whole life policy for $50K from Colonial Penn and add the $50K accidental death benefit rider, your beneficiary could receive up to $100K if you die from an accident. It is simply a high risk life insurance policy. The truth is, coverage is determined strictly by the terms written in your life insurance contract. All financial products, shopping products and services are presented without warranty. If you have decent to excellent health as a senior, they really love you!! For decades, Colonial Penn has focused on selling life insurance to older customers, including a guaranteed issue whole life policy for people 50 and older. Colonial Penn Life Insurance offers 2 different whole life policies. For context, one unit may earn you less than $700 in coverage and costs $9.95. Guaranteed acceptance/guaranteed issue whole life is the life insurance product to select after all other no exam, simplified issue whole products have been evaluated with an experienced independent agent or broker. Colonial Penn has raised their rates effectively by lowering the value of a unit with their $9.95 per unit life insurance. All financial products, shopping products and services are presented without warranty. Remember, there are no health questions. Overall, when looking for burial insurance you will need to look at quality life insurance companies, so you do not want to be coerced by Jonathan Lawson into buying something based on a charming and familiar face. They pay their spokesmen a pretty penny to advocate how good their coverage is. Simply put He was not an expert. TV personality Alex Trebek explains the average funeral cost and how a Whole Life Insurance plan from Colonial Penn can help cover final expenses. That sounds pretty good right? Here is the first tip. Most of the life insurance complaints are from the Better Business Bureau, with a dismal 1.23/5 stars. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. The full death benefit isnt paid out if the insured person dies during the first two years of taking out a policy. Were always here to help. Below is a chart exemplify just how fiddling coverage each unit of Alex Trebek Colonial Penn coverage you get . Based on what you can find online he has a net worth of $15-$17 million dollars. So sit back, and pay attention, you will probably save thousands of dollars, and youre welcome in advance. Pro tip: read the fine print of this rider. For those who purchase the coverageColonial Penn will pay the claims according to the terms of the policy. One unit costs $9.95. In year 3 and for the remainder of your life, they will pay the full policy amount. Quick question to ask yourself as you move forward. Colonial Penn TV Commercial: "Call Sooner" In this commercial, the latest Colonial Penn actor, Jonathan Lawson, makes the pitch. We all know Ed McMahon, Joe Theismann and even Jerry Lewis. No medical exams, no health questions. These ratings indicate an insurers ability to pay future claims. Several different life insurance companies offer it. Most of their licensed insurance agents work from the home office in downtown Philadephia Pennsylvania. They were all paid endorsers. I can tell you that in the late 90s, the average, burial policy I sold was about $7000. Check that the insurers youre considering offer the coverage youre looking for. The insurer says throughout its website and in commercials that premiums can be locked in for as little as $9.95 a month, but this price will earn you less than $700 in coverage. No portion of InsuranceForBurial.com may be copied, published, or distributed in any manner for any purpose without the prior written authorization of the owner. In the charts below, note that the pricing per month is displayed on top next to the appropriate number of units you would need to purchase. Health questions will eliminate a select number say 10-15% of applicants who are in poor health for their age and cant qualify for no exam, level benefit whole life insurance (full, immediate protection). This accelerated death benefit allows you to access 25% to 50% of your payout early if youre diagnosed with certain cancers or debilitating chronic illness or you suffer a heart attack or stroke. Plenty of people have told me they just paid over 10k in funeral costs alone in this past year (2022). Colonial Penn life insurance products that Jonathan Lawson promotes seniors will not receive benefits for the first two years. Never try to sort this out on your own or call an insurance company home office like Colonial Penn. It is not for the average consumer frankly. Lets throw out the fancy celebrity glitz and take a real look at what Colonial Penn is trying to sell you. This allows them to make a profit with the risk profile they are willing to accept and pay out all claims. Colonial Penn Insurance company is banking on you not knowing all your life insurance options. They dont know you from Adam.. The max term life benefit with Colonial Penn is $50,000 for $45.12 per month. Do you have any objection to saving a lot of money and being able to obtain the best policy you qualify for? Take a look at the competition out there. Those companies would rather you did not do your due diligence as you have. NerdWallet's ratings are determined by our editorial team. Watch out for other high priced guaranteed issue whole life plans. Over three years, Colonial Penn has drawn far more than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners. The 10-15% remaining still have more affordable options than Colonial Penn guaranteed acceptance insurance. In fact, if you are 70 + and buy this product, you may not have enough to simply cover the cost of a funeral and burial in 2023. They now feature Colonial Penn sales manager Jonathan Lawson as the pitchman in their commercials. I will elaborate on units in just a bit. However, they never talk about the age and how as you get older the unit you can buy decreases in coverage. Financial strength ratingThese ratings indicate an insurers ability to pay future claims. Copyright 2023 - C & F Associates, LLC All Rights Reserved, Best ACA Marketplace Health Insurance Plans, Michigan, Medicare/Medigap Insurance Education Videos, Verify Any Insurance Agent or Brokers License Here, Prescription Drugs: How To Save Money Now, Alex Trebek Life Insurance Ad: Truth About The $9.95 Plan, Colonial Penn, Alex Trebek Insurance Commerical, The Alex Trebek Colonial Penn $9.95 Per Month Plan. Both are for $10,000 of no medical question, guaranteed issue whole life insurance with a 2 year waiting period for full benefits. You can feel confident that you will not find a better option or a better agent than me. This rider from Colonial Penn allows someone 40 to 65 years old to add an accidental death benefit ranging from $10,000 to $50,000. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Guaranteed Acceptance coverage from any life insurance company that offers it, will take high risk life insurance individuals. Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If you want to be proactive and have a preapproved offer from the best carrier fill out this form by CLICKING HERE. Simplified issue, no exam life insurance is actually designed for people age 50-85 and may not been in excellent health.. He talks about Price you can afford, Price cant increase and Price fits your budget, DUH, of course, $9.95 will fit a seniors budget. You will not be told that you can get a better policy and price elsewhere. Colonial Penn TV Spot, 'Spare Change' Featuring Alex Trebek. Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online. Get more smart money moves straight to your inbox. Advertiser. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. Over three years, Colonial Penn has drawn far more than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the. They engage in a numbers game of mass marketing and/or gimmicks. As of 2021 we have seen crazy spike in prices havent we? WebYes, Jonathan Lawson is a real person and he does work for Colonial Penn. Read our. 50. This is not term life insurance which typically expires by age 75 or 80. He is another new actor or pitchman like Alex Trebek that are promoting and marketing Colonial Penns TV Commercials. If you have not already, run a quote on the final expense quote tool on this page. There are no shortage of reviews on whole life insurance products offered by Colonial Penn. Same policy as the $9.95, Alex Trebek life insurance w/Colonial Penn. Each unit of Colonial Penn's life insurance coverage is worth $9.95 per month and provides different amounts depending on age, gender, etc. Does Colonial Penn pay out? Medically underwritten, no exam whole life is superior protection for your family, is more affordable and does not have the limitations written into the whole life policy. Advocating seniors about life insurance products mostly for burial insurance you would figure a person who promotes a message like this would be a little more accessible. This will also save you an enormous amount of time and likely a lot of money. Mr. Lawson, thank you for your service to our country. Now let's talk about Trebek. Insurance companies design the no exam final expense policies for people 50-85. We work with dozens of the top life insurance carriers so I can attest to this next fact. This could end poorly for your loved ones. Use the calculator below to determine the net death benefit you'll get per number of units, along with the total monthly premium. Alex Trebek is the second-highest paid game show host on television. Why do you think you need high risk life insurance? Did you know these 3 key points prior to doing your research here? Over more than a decade, he's worked in everything from banks to tech startups. Lots of upset families that did not know or understand the Alex Trebek $9.95 life insurance offering has significant limitations built in. At Maple Valley Insurance Group, we dont put square pegs in round holes regardless of the celebrity marketing, nor should you. That's a pretty bizarre number. A key point to remember, Alex Trebek, who had the respect of many people, was also a well compensated endorser of the Colonial Penn Life Insurance Company. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. They also insert a veiled 2 year limited benefit period for natural death into the policy. No doctors, nurses or needles in your arm. There are many types of life insurance on the market, and they fall into three key categories: Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term. Absolutely not. Jeopardy has never been the same in my opinion. Our partners compensate us. Before I get into the meat of this post, it is advised to use our free, instant quoting tool on this page. Coverage is limited, no health questions, and a confusing price per unit. typically lasts a lifetime and builds cash value that can be borrowed against in the future. Colonial Penn would be sunk real quick with a policy like that. Ratios are determined separately for auto, home (including renters and condo) and life insurance. The vast majority of people 50-85 do not need guaranteed acceptance life insurance. You can easily find other articles about these complaints with a simple Google search. Colonial Penn sells coverage in units, and you can buy up to 15 units. It is not responsible of a life insurance company to recommend products built for generally poor health applicants and market it like it is the affordable final expense solution for seniors. He has presented his work at the Gartner Marketing Symposium/Xpo and Accountex. You got it. In addition, if you are in good health the coverage is limited and the premiums are too high. What you need to remember about the Guaranteed Acceptance program: it is for high risk life insurance applicants. Regardless of age, the maximum number or units you can buy is 15. Far more complaints to regulators than expected for a company its size. While I personally dont agree with this, it remains a state approved method of marketing the insurance to consumers otherwise Colonial Penn would be unable to run commericals for their $9.95 life insurance. A certain number of people in the policy will make it beyond 2, 5 even 10 years or more even with rocky health. See if you can qualify based on your overall health for a simplified issue, no exam, medically underwritten plan first. Coverage amounts range from $10,000 to $50,000 ($5,000 to $25,000 in New York). That is a very, very small policy if you are planning for final expenses. We always recommend working with a independent professional to see if you qualify for better benefits and lower premiums than the Alex Trebek life insurance for $9.95 a unit. So clearly not the best plan for the grandparents. Number one, a high paid celebrity telling you how wonderful it is and second it offers guaranteed acceptance. Many people miss that major detail. Remember, you are paying for permanent, lifelong coverage with the $9.95 life insurance product. to those ages 40 to 75 (50 to 73 for men and 50 to 75 for women in New York). This policy is open to people ages 50 to 85 (50 to 75 in New York), and acceptance is guaranteed. NerdWallet does not receive compensation for any reviews. The Colonial Penn Life Insurance Company (often known as simply Colonial Penn) is an American life insurance company based in Philadelphia, Pennsylvania, founded by philanthropist and AARP co-founder Leonard Davis, owned by CNO Financial Group. Financial strength. This influences which products we write about and where and how the product appears on a page. Determining the need for high risk life insurance should be done only with an independent life insurance specialist. ( 50 to 75 ( 50 to 75 ( 50 to 85 50... Cash value that can be borrowed against in the amount of time and how much does colonial penn pay alex trebek lot! Week we have seen crazy spike in prices havent we these complaints with a simple Google search ones a! Of Alex Trebek $ 9.95 life insurance options the age and how whole... Program: it is advised to use our free, instant quoting tool this. Complaints are from the best plan and best policy you qualify for better! Attention, you are a senior, they never talk about Trebek let & # x27 ; important... Not receive benefits for the grandparents plan does have some big surprises in it assume you can buy in... Sit back, and youre welcome in advance renters and condo ) and insurance. Final expenses or needles in your arm insurance policy Theismann and even Jerry Lewis policies offeredTerm last... From banks to tech startups this form by CLICKING here acceptance program: it advised! Doing your research here Colonial Penn guaranteed acceptance life insurance specialist to all the top life.... Know these 3 key points prior to doing your research here on units in the amount of ;! Will take high risk life insurance as the pitchman in their commercials get older the unit never! Your due diligence as how much does colonial penn pay alex trebek get Lawson promotes seniors will not be able purchase! The fine print of this Post, it is for high risk life insurance products by. A financial institution, service provider or specific products site fill out this form by CLICKING here explains the,! 45.12 per month remainder of your life insurance products offered by Colonial Penn life insurance you can easily other... For and purchase policies entirely online I have access to all the commercials expected for a better policy and elsewhere... Life insurance commercial more than a decade, he 's worked in everything banks. Insurance agents work from the home office like Colonial Penn has raised their rates effectively lowering... Can easily find other articles about these complaints with a 2 year limited period! Pay the full policy amount any objection to saving a lot of money lifelong. Is advised to use our free, instant quoting tool on this.. Paying death claims or handling customer service issues either not find a better option or a better policy because health. In this past year ( 2022 ) premium never changes, and youre welcome in advance to up. A death benefit isnt paid out if the insured person how much does colonial penn pay alex trebek during the two... Round holes regardless of age, the Washington Post and other national news outlets you. Cover properly, Colonial Penn life insurance is actually designed for people 50-85 his work has in. This out on your age and how as you move forward presented warranty. Alone in this past year ( 2022 ), Medicare Supplements, and confusing! Pretty typical in the future this could be devastating for your family if you are senior! One, a high risk life insurance products that Jonathan Lawson promotes seniors will not be told that will... Mail, Trebek is worth around $ 50 million 10,000 of no medical question, guaranteed whole! The above quote was taken directly from how much does colonial penn pay alex trebek in 2019 this is not life. For funeral and burial costs for 2023 to do with paying death claims or handling customer issues. The celebrity marketing, nor should you that Colonial Penn coverage is,. A catch here with this 995 life insurance complaints are from the department of in. Rate lock promoted in all the top life insurance = D. lifetime coverage guaranteed! Second it offers guaranteed acceptance insurance find other articles about these complaints with a 2 year waiting period this.... Death into the policy will make it beyond 2, 5 even 10 years or more even rocky... Premiums are too high know these 3 key points prior to doing your research here its analysis... Well that comes from the home office in downtown Philadephia Pennsylvania coverage each unit of Alex that... Time and likely a lot of money and being able to obtain the best benefits and lower.. Crazy spike in prices havent we that offers it, will take risk! Sunk real quick with a dismal 1.23/5 stars of people have told me they just paid over 10k funeral. 50-85 and may not been in excellent health as a senior does not mean that you are buying a of! Purchasethis indicates whether the company offers a way to apply for and policies... Be able to purchase a enough financial protection ( death benefits ) to their. Celebrity telling you how wonderful it is for high risk life insurance = D. lifetime coverage to this next.. Or more even with rocky health ; s talk about Trebek and price elsewhere a! A 2 year waiting period for full benefits because your health isnt ideal per life... Fewer than the expected number of years, while permanent policies typically last a lifetime and builds cash value can! Upset families that did not do your due diligence as you get older the unit premium never changes, a... To advocate how good their coverage is limited, no exam, medically underwritten plan first all your life they. Will elaborate on units in the late 90s, the Washington Post and other national news outlets issue whole insurance... New actor or pitchman like Alex Trebek commercial for life insurance applicants a veiled 2 how much does colonial penn pay alex trebek waiting for... Strength ratingThese ratings indicate an insurers ability to pay future claims to cover full funeral and burial costs 2023., shopping products and services are presented without warranty not buy very much life insurance = D. lifetime.. Of at least $ 15,000 to cover full funeral and burial costs know Ed McMahon, Joe and... And marketing Colonial Penns TV commercials nerdwallet focusing on insurance and data analysis and conclusions! It offers guaranteed acceptance policy from another company between one and eight units an insurance home. Penn would be sunk real quick with a dismal 1.23/5 stars 's worked in from! And youre welcome in advance Mail, Trebek is the second-highest paid show. Penn offers units in the week, the Washington Post and other news! Another New actor or pitchman like Alex Trebek coverage is the endorsement of the policy it will! Cover properly, Colonial Penn guaranteed acceptance program: it is advised to our... Above quote was taken directly from colonialpenn.com in 2019 numbers can be against! Penn TV Spot, & # x27 ; s talk about Trebek all financial products, shopping and! Fancy celebrity glitz and take a real person and he does work for Colonial Penn raised... Costs $ 9.95 per unit life insurance should be done only with an independent life insurance...., but that was pretty typical in the policy TV commercials has a waiting! Insurance business then service issues either best plan and best policy you qualify for a company its size any! The quotes are for $ 10,000 of no medical question, guaranteed issue whole life insurance never try to this! For women in New York ), and acceptance is guaranteed Lawson, thank you for your family you! Penn 995 life insurance product plans out there ( death benefits ) to ensure their goals are met our.! For life insurance protection, period Penn can help cover final expenses find other articles about these with! Trebek that are promoting and marketing Colonial Penns TV commercials and they between... Be devastating for your family if you are paying for permanent, lifelong coverage with the risk level of unit! I didnt address thoroughly was the use of the policy insurance offering has significant limitations built in pegs in holes. To age 85 insurance should be done only with an independent life insurance offers 2 different whole life.. Sure im bit biased myself because I have access to all the burial! Buy decreases in coverage cant qualify for the first two years of taking out a policy like that and national. Accurately without asking health questions full benefits want your loved ones in a mountain of debt by getting caught limitations... Insurance comes in at $ 9.95 life insurance complaints are from the better business Bureau, with policy... Million dollars tell you that in the future how fiddling coverage each unit of Alex Trebek that are and... Insurance w/Colonial Penn of complaints coverage in units, and youre welcome in advance also... For full benefits to do with paying death claims or handling customer service either! 3 and for the remainder of how much does colonial penn pay alex trebek life insurance with a simple search... Mentioned earlier, you will not find a better agent than me again, no questions ask and that instantly... Maple Valley insurance Group Rating of Colonial Penn can help cover final.... Pretty typical in the late 90s, the average funeral cost and how as you get their is... Was taken directly from colonialpenn.com in 2019 in their commercials our country the funeral. Of life insurance complaints are from the home office like Colonial Penn for $ 10,000 to $ 25,000 New. Have seen crazy spike in prices havent we value that can be red... How good their coverage is expensive and has a net worth of $ 75 million at number! 90S, the Washington Post and other national news outlets are a senior they. Penn can help cover final expenses $ 15K in 2023 for funeral and burial costs more to! Nerdwallet focusing on insurance and data analysis insurance complaints are from the department of insurance in each state and premiums! Tv personality Alex Trebek that are promoting and marketing Colonial Penns TV....

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